Wire rod prices in Raipur & Durgapur which are known as hub of medium scale industries in India have remained volatile in last couple of days. However on weekly premises it surged about INR 600-700/MT (USD 8-9) inline with rise in billet prices.
As per producers demand is weak, however as billet prices increased, wire rod prices surged.
The current prices of 5.5mm wire rod in Durgapur, East India are hovering in the range of INR 42,000-42,200/MT (USD 592-594). Meanwhile in Raipur, Central India it stood at around INR 41,400/MT (USD 583). The prices are ex-works & excluding GST.
As the demand is slow, the spot trade discount in Raipur have increased and currently offered by various manufacturers/supplier is at INR 600-1,200/MT.
As per a wire rod wire manufacturer in Raipur, “There is no major buying inquiries coming for the last two-three days and are not receiving any new orders. Thus, we had increased our trade discount in order to boost sales”.
An official of Rashmi Group, Durgapur sited that “We are going for a maintenance for our wire rod unit for a week duration and mill remain shut down till then”.
Depreciation of INR against USD may encourage exports. Latest price assessment for Wire rod export of Indian medium sized mills to Nepal is at USD 590-595/MT Ex-Mill, Durgapur, East India.
Indian billet and wire prices as on 30 Aug’18
| City | MS Billet | W-o-W | 5.5 mm Wire Rod | W-o-W | 12G HB Wire | W-o-W | 20G Binding Wire | W-o-W |
| Raipur | 35,600 | -400 | 41,400 | +700 | 43,500 | +700 | 46,500 | +600 |
| Durgapur | 36,700 | +600 | 42,000 | +600 | 44,000 | +600 | 50,000 | +600 |
Basic prices in INR/MT; GST extra
Source: SteelMint Research
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